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Updated: June 26, 2023 Midyear Economic Update

Rough start: Midyear survey reveals WBJ readers are increasingly pessimistic about 2023

This chart shows increasing pessimism among WBJ readers about the future economy WBJ Midyear Economic Survey
This chart shows WBJ readers feel the 2023 economy has performed the same or better than the expectations from the start of the year. WBJ Midyear Economic Survey
This chart says that the bank failures in early 2023 made 40% of responding businesses more concerned about the overall health of the economy. This WBJ survey data indicates the percent of businesses impacted by the early 2023 bank failures.
53% of respondents said the same as always, 43% said less confident, and 4% said more confident. This WBJ survey data indicates the percent of respondents who feel more or less confident in the American banking system compared to the start of the year.
This chart shows most WBJ readers don't expect to add or subtract employees at their companies this year. WBJ Midyear Economic Survey
This chart shows WBJ readers are still having problems finding workers with the right skillsets. WBJ Midyear Economic Survey
This chart shows the overwhelming majority of WBJ readers aren't expecting to have layoffs this year. WBJ Midyear Economic Survey
The results of one of the questions from WBJ's MIdyear Economic Survey of its readers show 45% expect housing prices to drop in 2023. The results of one of the questions from WBJ's MIdyear Economic Survey of its readers show 45% expect housing prices to drop in 2023.
The results of one of the questions from WBJs Midyear Economic Survey show the majority of readers believe the City of Worcester's new inclusionary zoning policy won't have a significant impact on development. The results of one of the questions from WBJs Midyear Economic Survey show the majority of readers believe the City of Worcester's new inclusionary zoning policy won't have a significant impact on development.
This chart shows the majority of WBJ readers say their companies are performing as expected this year. WBJ Midyear Economic Survey
This chart shows the majority of WBJ readers believe inflation will remain an issue into 2024. WBJ Midyear Economic Survey
This chart shows WBJ readers believe the Worcester Regional Airport will take a long time to develop into a transportation hub. WBJ Midyear Economic Survey
This chart shows two-thirds of WBJ readers believe the life sciences industry will grow in Central Massachusetts. WBJ Midyear Economic Survey
By Brad Kane

At the end of 2022, WBJ readers were more pessimistic about the future of the Central Massachusetts economy than they had been at any point in the previous 10 years. In WBJ’s annual year-end Economic Forecast Survey of its readers, 37% said the economy would either decline slightly or decline significantly in 2023.

The first five months of this year only made WBJ readers more pessimistic.

Because of the number of large economic events that happened to start 2023 – bank failures, residential real estate hitting a hard stop, the still-looming recession amid a strong labor market in a growing economy – WBJ decided to conduct a Midyear Economic Survey of its readers to update their thoughts about 2023. This time, nearly 50% of the 115 respondents in the May/June survey said the economy would either decline slightly or decline significantly by the end of the year.

Despite these rough overall feelings, readers weren’t all doom and gloom. Nearly 80% said the economy performed at or above their expectations for the year so far. The national bank failures didn’t really impact them or their confidence in the U.S. financial system. The labor market remains strong. The performance of their individual businesses is largely either at or above expectations. Their long-term outlook for the region’s business community remains optimistic, particularly as it relates to new real estate developments, the life sciences industry, and the Worcester Regional Airport.

People weren’t feeling great about the economy heading into 2023, and the events so far this year made them feel worse. Still, long-term optimism abounds.

This chart shows increasing pessimism among WBJ readers about the future economy
WBJ Midyear Economic Survey
This chart shows WBJ readers feel the 2023 economy has performed the same or better than the expectations from the start of the year.
WBJ Midyear Economic Survey
This chart says that the bank failures in early 2023 made 40% of responding businesses more concerned about the overall health of the economy.
This WBJ survey data indicates the percent of businesses impacted by the early 2023 bank failures.
53% of respondents said the same as always, 43% said less confident, and 4% said more confident.
This WBJ survey data indicates the percent of respondents who feel more or less confident in the American banking system compared to the start of the year.
This chart shows most WBJ readers don't expect to add or subtract employees at their companies this year.
WBJ Midyear Economic Survey
This chart shows WBJ readers are still having problems finding workers with the right skillsets.
WBJ Midyear Economic Survey
This chart shows the overwhelming majority of WBJ readers aren't expecting to have layoffs this year.
WBJ Midyear Economic Survey
The results of one of the questions from WBJ's MIdyear Economic Survey of its readers show 45% expect housing prices to drop in 2023.
The results of one of the questions from WBJ's MIdyear Economic Survey of its readers show 45% expect housing prices to drop in 2023.
The results of one of the questions from WBJs Midyear Economic Survey show the majority of readers believe the City of Worcester's new inclusionary zoning policy won't have a significant impact on development.
The results of one of the questions from WBJs Midyear Economic Survey show the majority of readers believe the City of Worcester's new inclusionary zoning policy won't have a significant impact on development.
This chart shows the majority of WBJ readers say their companies are performing as expected this year.
WBJ Midyear Economic Survey
This chart shows the majority of WBJ readers believe inflation will remain an issue into 2024.
WBJ Midyear Economic Survey
This chart shows WBJ readers believe the Worcester Regional Airport will take a long time to develop into a transportation hub.
WBJ Midyear Economic Survey
This chart shows two-thirds of WBJ readers believe the life sciences industry will grow in Central Massachusetts.
WBJ Midyear Economic Survey

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